Financial News looks back on the asset management industry's achievements this year – including Aberdeen Asset Management's acquisition of Swip and the strong sales at Old Mutual after it hired Richard Buxton – and where it could do better in 2014.

However, a lot of dissent emerged when regulatory changes were introduced in April. The outgoing Financial Services Authority handed over regulatory responsibility to the Financial Conduct Authority in April 2013 but not before landing a blow to chief executives, asking them to sign a letter of liability for any future conflicts of interest.

The smooth transition from the old regulator to the new and nimble moves to snap up businesses demonstrate a concentration of effort for the class, even if achievement in some areas has been lacking.

The class has a wide and varied range of abilities but the average level of achievement has not been great compared with last year.

Old Mutual posted strong fund sales in the third quarter of 2013 after the recruitment of UK equity manager Richard Buxton. Buxton’s former employer – Schroders – suffered a fall over the same period. Bond giant Pimco reported net outflows of £28.8 billion in the third quarter. At Legal & General Investment Management, the decline of the UK defined-benefit pensions market weighed on client flows in the third quarter. Total net inflows were £3.1 billion, with the balance of new money from unit trusts.

In Europe, policymakers outlined plans for new regulations on Shadow Banking and Money Market Funds and domestic regulators prepared for changes from the Alternative Investment Fund Managers Directive (AIFMD) and Markets in Financial Instruments Directive II.

The Financial Services Authority cracked down on the use of client commissions for corporate access at the start of the year, and in November the Financial Conduct Authority launched a consultation on how sellside research is paid for. The issue of how commissions are used clearly has the regulator’s attention, but the road to actual change appears long and bumpy.

While there is evidence of some good practice, there has also been widespread flouting of the rules that have been set to protect class members from harming themselves and others. In other areas of the class, new standards have had to be laid down because some individuals have shown signs of becoming greedy, although this is not a strategy which has been introduced to all students. All in all, there have been some gold star performances but there remain some areas for future improvement.